May 23 2024 29 mins
Taxes can be overwhelming, but write-offs can help you save big.
In this episode, Camilla Jeffs sits down with tax expert Barbara Schreihans to discuss strategies for maximizing write-offs and optimizing tax savings.
Barbara emphasizes the importance of choosing the right business structure, such as an LLC or S Corporation, to ensure that you're taking advantage of every available tax benefit. She also explores how to maximize home office and vehicle expense deductions, and how to write off business trips.
She also cautions against premature property gifting, as well as the potential tax benefits of including your children in your family business.
Don't miss out on these valuable tax tips! Listen to the latest episode of Quiet Wealth now, and don't forget to share with friends and family. Be sure to subscribe for future episodes on money management, entrepreneurship, and more.
In this episode, we talk about:
• The importance of business structure in tax implications
• Maximizing deductions for home offices, vehicle expenses, and business travel
• Leveraging additional spaces within the home for home office deductions
• Considerations for purchasing or leasing vehicles for business use
• Writing off business travel expenses
• Tax implications of gifting real estate to children
• Contributing to a Roth IRA for your kids
Resources:
NerdWallet - https://www.nerdwallet.com/
Write Off Your Life - https://yourtaxcoach.com/write-off-your-life
Write Off Your Real Estate - https://yourtaxcoach.com/write-off-your-real-estate
Minted Wealth Live - https://www.mintedwealthcollective.com/minted-wealth-live
Connect with Barbara Schreihans
Your Tax Coach - https://yourtaxcoach.com/
Your Tax Coach LinkedIn - https://www.linkedin.com/company/your-tax-coach/
Tax Strategies for Business Owners Facebook Group - https://www.facebook.com/groups/266561378659270
LinkedIn - https://www.linkedin.com/in/barbara-schreihans/
TikTok - https://www.tiktok.com/@your.tax.coach
Instagram - https://www.instagram.com/yourtaxcoach/
YouTube - https://www.youtube.com/channel/UCP27A8bBgRnD1y6-qJ6s2dA
Life Changing Money Podcast - https://life-changing-money-with-barbara-schreihans.simplecast.com/
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